California residents fed up over home costs head for these US destinations
California has some of the highest home prices in the country, which could be a reason why some Americans are moving elsewhere.
Online residential real estate website Trulia looked at where residents moved last year after leaving some of the Golden State’s most expensive coastal cities including San Diego, San Francisco, San Jose and Los Angeles.
The average median home price in those four cities as of March 2017 was $720,000. During the same time period, the national average was $250,000.
The top destination for those leaving California’s costly coastal cities is Las Vegas, where the median listing for a home price as of March 2017 was $260,000, according to Trulia.
New York City was the second most popular location attracting Californians. In the Big Apple, median home prices are nearly $440,000, higher than the national average but cheaper than in the four California coastal cities.
New York was followed by Phoenix, where the median home price in 2017 was $279,000, near the national average.
Dallas and Seattle rounded out the top five destinations for those abandoning California.
While many who live in the expensive California markets are looking to leave, Trulia also found that a similar number of outsiders were looking to move in.
That balancing effect could be changing in the coming years, however. Experts told FOX Business they expected changes to state and local tax (SALT) deductions, part of the Tax Cuts and Jobs Act, to affect residency decisions among individuals in high-tax states such as California. Under the new law, signed by President Donald Trump in December, SALT deductions were capped at $10,000.